Authoritative accounting literature for community associations

In 1991, the AICPA issued an audit and accounting guide, “Common Interest Realty Associations,” which addressed accounting issues that are unique to community associations. In 2009, the accounting guidance previously included in the audit and accounting guide for community associations was codified in FASB ASC 972. As a general rule, if community association financial statements reflect transactions or events that are the same or similar to those in GAAP financial statements of commercial businesses, similar accounting treat is appropriate.